A session on GST for MBA students was facilitated by Mr. Abhishek Thakur. Who is a CA, CS and CMA founding partner of GSTARK and Associates In his talk, he outlined the importance of GST, Challenges in implementing GST and also the Types of Tax Rates. He mentioned that every citizen wants a civilized society, hence the government collects the tax. He also mentioned the significance of collecting tax in India, unlike some other countries that collect donations.
He highlighted that the major spending of the Government is on Indian Army which protects the nation and hence it becomes our moral responsibility towards tax. The government has a power on a certain portion of the money held by an individual. The current GST structure focuses on “Take it from the have’s and distribute it among the have not’s”. He appreciated the Government in their attempt to wealth re-distribution. While quoting the example of cigarette which falls under a high tax bracket, he mentioned that GST has influenced change in behavior related to sin products/goods.
He also created awareness among the students about how the ignorant are exploited by the learned for Registering to GST. This is a user-friendly process initiated by the Government; however, the agencies are charging high against free registration online for GST.
He walked the students through the various Tax Rates - Nil-Rated, 5%, 12%, 18%, and 28%+cess. The session concluded with Q&A wherein students brought into light the issues faced by them with the implementation of GST and Mr.Abhishek Thakur welcomed any querries and complaints with regards to fraudulent activities that we come across in the name of GST. He concluded his session on Goods and Service Taxes(GST). An emerging opportunity for MBA students.